House Passes Buffett Rule Act
By Leigh Claffey
October 3, 2012
On September 19, the House passed H.R. 6410, the Buffett Rule Act, a bill cosponsored by Congressman Westmoreland that gives wealthy Americans the opportunity to voluntarily contribute to reducing the deficit.
The Buffett Rule Act amends the Internal Revenue Code to allow taxpayers to donate an amount (not less than $1 and in addition to any tax owed) to be deposited in the general fund of the Treasury and transferred to an account used to reduce the public debt. It becomes an easy option to select on your tax return and gets accepted directly by the IRS.
Rather than forcing people to pay more and reforming out tax code, wealthy Americans can choose if and how much they want to give. In an economy where millions are struggling, asking hard working Americans to pay more just simply isn’t fair. If Mr. Buffett feels like he can pay more, we want to make sure he is able to. However, not all Americans making over $1 million have the luxury to pay extra at the moment, with many of their finances tied up in investments and job uncertainty as end-of-year fiscal cliff is looming.
If Americans do want to contribute to the deficit, they should also have the assurance that it will go into the Treasury’s account for public debt only. Not many people are willing to open their wallets when they are unsure whether or not their donations are going to failed energy programs, stimulus packages, or other causes they don’t believe in. We are all concerned about the welfare of America and since it’s our country, we should be able to help get ourselves out of the mess the President’s spending got us in.
Leigh Claffey is Congressman Westmoreland’s press assistant.